Bali Art Auction Draws Crowds and Top Prices

'Undying Spirit of Bali' - Larasati Auctioneers First Major Fine Art Auction for Ubud and Bali.

(7/29/2006)

Spirited bidding by some of the region's leading private collectors of fine art were the hallmarks of the first-ever auction of international standard to be held on the island of the Gods on Saturday, July, 15, 2006 at the Maya Ubud Spa & Resort.. Staged as one of a series of Bali Revival Events, the auction was intended to breathe new life into the local art market by staging an international caliber art auction on the Island.

Over 150 people were on hand in the saleroom, filling the room to overflowing. Aggressive bidding saw most lots going under the hammer at prices far in excess of initial estimates.

At the final hammer, over 83% of the lots were sold generating total sales of Rp. 4.7 billion (approximately US$ 520,000), exceeding targeted sales for the day of Rp. 3 billion (approximately USD 330,000).

Underlining the high level of interest in Balinese art, 99% of all Balinese painting lots were sold during the day’s bidding.

Among the highlights of sales concluded:

• Arie Smit's "View of a Temple" sold for Rp. 561.6 million (approximately US$ 62,140), an amount three times higher than initial estimates.

• I Made Sukada's "Kendang Player" sold for Rp. 152.1 million (approximately US$16,830).

Bali Art Auction (Click Pictures to Enlarge)

Elated at the interest and proceeds generated by Bali's first international standard art auction, Daniel Komala, President Director of Larasati Auctioneers said: "This has to be one of the most exciting and memorable auctions ever held in Indonesia. We achieved our goal, and many collectors are now looking with a lot more enthusiasm and respect at the Balinese works. Fantastic atmosphere, fantastic crowd, and fantastic results!"